The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003

Participation of EEA management companies in the compensation scheme

7.  In the Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001(1)—

(a) in regulation 1(2) (interpretation)—

(i) in the definition of “branch”, after paragraph (b), insert—

“(c) in relation to a relevant management company, has the meaning given by Article 1.5 of the investor-compensation schemes directive (as applied by Article 5f.2 of the UCITS directive);”;

(ii) after the definition of “investor-compensation schemes directive”, insert—

““relevant management company” means an EEA firm falling within paragraph 5(f) of Schedule 3 to the Act which—

(a)

is authorised by its home state regulator to provide services of the kind specified by Article 5.3(a) of the UCITS directive (management of portfolios of investments); and

(b)

is providing those services in the United Kingdom;”;

(b) in regulation 2 (persons not to be regarded as relevant persons)—

(i) at the end of paragraph (b), omit “and”; and

(ii) after paragraph (c), insert—

“; and

(d) any relevant management company.”;

(c) in regulation 3 (persons who may elect to participate), in paragraph (1)(a), after “investment firm”, insert “or relevant management company”;

(d) in regulation 4 (persons in respect of whom inspection under section 224 does not apply)—

(i) at the end of paragraph (b), omit “and”; and

(ii) after paragraph (c), insert—

“; and

(d) any relevant management company.”.

(1)

S.I. 2001/1783; amended by S.I. 2003/1476.